World Bank exposes Pakistanis’ buying power crisis - Why 70% struggling?
The findings highlight why millions of families are finding it harder to afford everyday essentials.
According to a World Bank review report, rising prices have reduced the ability of people to maintain their previous standard of living. The increasing cost of daily necessities has left many households under growing financial pressure.
The report says prices of food, electricity, fuel, transport and other essential services have increased significantly. As a result, families can now buy fewer goods and services with the same amount of income.
The World Bank noted that low-income and middle-income households have been hit the hardest. Their earnings have not increased at the same pace as the rising cost of living.
Many families have been forced to change their spending habits to cope with inflation. People are cutting back on non-essential purchases and focusing only on basic needs.
Economic experts believe controlling inflation is the key to improving people’s financial situation. They also say stronger economic stability and better employment opportunities are necessary to restore consumer confidence.
The World Bank stressed that effective economic policies and long-term structural reforms are needed to deal with inflation. It added that stronger support for vulnerable groups is important to protect household incomes and improve living standards.
The report shows that inflation is affecting the daily lives of millions of Pakistanis. If prices remain high and incomes do not improve, household financial pressure is likely to continue.
Meanwhile, Prime Minister Shehbaz Sharif welcomed a Chinese agribusiness initiative on Thursday to modernize Pakistan's grain storage infrastructure into environmentally friendly green silos, backed by technology transfer and workforce training.
The prime minister held the meeting with a delegation led by Jack Chen, Chief Executive Officer of Chinese agribusiness company FAMSUN, at the Prime Minister's Office in Islamabad. Shehbaz Sharif said Pakistan and China continue to enjoy exemplary relations, with economic cooperation and bilateral ties growing stronger over time, and described stronger business-to-business partnerships as a way to further deepen that relationship.
He welcomed FAMSUN's proposal to transform Pakistan's grain storage facilities into state-of-the-art centres, calling it an important step toward introducing modern agricultural technology and boosting commercial activity. The prime minister also stressed that developing local human resources through skills training should form a core part of the project.
According to the briefing shared at the meeting, FAMSUN will set up a demonstration centre for green silos in Pakistan, while the country's existing storage facilities will be upgraded into modern, environmentally friendly silo systems. Jack Chen thanked the prime minister for Pakistan's hospitality and recalled a earlier meeting with Shehbaz Sharif during the premier's recent visit to China, which led to FAMSUN's delegation travelling to Pakistan to discuss practical steps on food security.
Officials said a memorandum of understanding has already been signed between FAMSUN and the Green Pakistan Initiative to expand cooperation in agriculture and food security. FAMSUN is one of China's leading companies in agricultural technology, animal feed production and food processing.
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